Magazine article American Banker

SVB Financials Catch Up; NASDAQ Deadline Missed

Magazine article American Banker

SVB Financials Catch Up; NASDAQ Deadline Missed

Article excerpt

SVB Financial Group of Santa Clara, Calif., finished out 2005 by filing first-time financials and earnings restatements covering much of the past five years.

The $5 billion-asset holding company for Silicon Valley Bank warned investors in July that it would have to adjust its accounting for unexercised warrants, which are obtained by banks when making loans to start-up companies that have yet to go public.

In documents filed Friday with the Securities and Exchange Commission, SVB said the restatement would reduce its income for 2005's first quarter by 5.4%, to $22.9 million, and reduce its full-year 2004 earnings by 2.3%, to $63.9 million.

In a separate SEC filing Friday, the company gave its initial reporting of results for 2005's second and third quarters.

It said it earned $20.9 million, or 54 cents a share, in the second quarter, and $23.1 million, or 60 cents a share, in the third. Analysts had expected 59 cents for the second quarter and 63 cents for the third, according to data compiled by Thomson One Analytics.

"It's a little bit of relief, since the new numbers are out, but it's a little disappointing that the first quarters of this year are down from estimates," said Brent Christ, an analyst with Fox-Pitt, Kelton Inc.

Net income rose in each year from 2000 to 2003 in the restatements. The largest full-year increase over the previous statement was 11.2%, to $1.92 a share, for 2001.

SVB still faces delisting from the Nasdaq Stock Market. …

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